One of the big benefits of either being privately held or a huge public ikdkdk corporation is that you don’t have to tell anyone in the media the truth. There really is no penalty for lying about your finances if your aren’t public and if you are big and public you can often bury loses that other companies would have to report.
Case in point. The CEO of Clear Channel, Pittman, finally spoke to the AP yesterday and said 58 advertisers leaving the Rush Limbaugh show didn’t have a major impact on Clear Channel. Full quote here.
According to my friends at Media Matters 58 advertisers left.
Now in the world of small to mid-sized public companies that would be what is called, “A material event” and could tank the stock. Earnings this quarter could disappoint investors and management,who promised certain numbers, would have to do something to make changes.
If you are privately held, or huge, like NewsCorp, after losing 58 or 81 Advertisers you can say things like “advertisers leaving the program did not have a major impact on the company ” and get away with it.
Now I’m sure that the AP Business writer . . . → Read More: It’s good to be the Lyin King’s Boss